Cybersecurity Solutions Company Virtru Raises $60M in Funding Round

Virtru, a data protection pioneer and creator of the open TDF standard, has secured $60 million in growth capital in a funding round co-led by current investor ICONIQ Growth and new investor Foundry Capital. Tiger Global, MC2, Bessemer Venture Partners, and New Enterprise Associates are among the other investors in the round.

The financing will be used by Virtru to expedite the release of new cybersecurity products throughout its data security portfolio, as well as to continue scaling with hiring in sales and marketing, research and development, and customer success.

Matt Howard, former CMO of Sonatype, has joined Virtru as CMO to assist these expansion aspirations. Virtru’s board of directors will be expanded to include Michael Chertoff, former Secretary of Homeland Security and co-founder and executive chairman of MC2, as well as Jon Ein, CEO of Foundry Capital.

“An effective Zero Trust architecture requires cybersecurity professionals to embrace a fundamentally different mindset, one that’s much less about defending porous perimeters and much more about protecting sensitive data,” said John Ackerly, Chief Executive Officer (CEO) at Virtru. “Today, our innovative products enable businesses to easily respect and protect the flow of sensitive data. This latest round of investment is not only a testament to our progress thus far, but also reflects the massive opportunity to establish TDF as the open standard for Zero Trust data protection.”

Trusted Data Format (TDF)

Virtru is now used by over 7,000 enterprises to protect and encrypt their most sensitive data as it goes in and out of email and file-sharing platforms, SaaS applications, and cloud environments. Virtru’s data protection solutions are founded on the Trusted Data Format (TDF), a data management standard for the United States intelligence community and widely regarded as a gold standard for persistent and policy-based data governance.

“We originally invested in Virtru because we believed that the TDF was one of the most innovative approaches to protecting sensitive data flowing through enterprise workflows,” said Will Griffith, founding partner at ICONIQ Growth. “Fast forward to today, and Virtru has now protected more than 1 billion digital assets. This latest investment reflects our strong belief that the company is well positioned to serve as the data-centric policy control plane for all things Zero Trust.”

“We have been tracking Virtru for years and are fortunate to become a shareholder at a time when the need for the company’s products has never been more urgent. Corporations and governments are generating and sharing unprecedented levels of sensitive data, and Virtru is the most powerful and user-friendly platform to protect and control that data wherever it goes,” said Jon Ein, CEO of Foundry Capital. “We are excited to partner with John and his team as they continue to scale the business and fulfill their important data security mission.”